Market R contains many small firms selling similar products with low start-up costs. Market T contains three large firms selling strongly branded products with high start-up costs. Which comparison is most accurate?
Both markets have identical structures because both sell products
Market R is more competitive and Market T is more concentrated
Market R is more concentrated and Market T is more competitive
Neither market has producers because consumers choose the brands
149 exam-style questions on AQA GCSE Economics 1.5 Competitive and concentrated markets, covering 1.5.1a The range of market structures, 1.5.1b Distinguishing between market structures, 1.5.2a Characteristics of a competitive market, 1.5.2b How producers operate in competitive markets, 1.5.2c The economic impact of competition, 1.5.3a Characteristics of a non-competitive market, 1.5.3b How producers operate in non-competitive markets, 1.5.3c Monopoly and oligopoly, 1.5.4a The labour market and wage determination, and 1.5.4b Gross and net pay. Each one has a worked solution and a mark scheme showing where the marks go.